Integrated steel products manufacturer
reported a 348% increase in earnings for the third quarter from a year ago, thanks to higher steel prices.
The Pittsburgh-based company earned $417 million, or $3.42 a share, for the quarter compared with $93 million, or 71 cents a share, for the year ago period. Analysts had expected earnings of $3.23 a share for the quarter.
Third-quarter revenue rose 28% to $4.1 billion as against analysts' expectation of $4.2 billion.
"We expect continued strong results from our European and Tubular segments in the fourth quarter; however, overall operating results are expected to decline from the third quarter, primarily reflecting reduced profitability in our Flat-rolled segment. Recent weakening in the U.S economy coupled with high imports and customer inventory levels have resulted in softer flat-rolled spot markets in the near term," the company said.
The company had repurchased 4.7 million shares of common stock for $279 million during the third quarter, bringing total repurchases to 12.4 million shares for $650 million since the repurchase program was originally authorized in July 2005.
Shares of the company were trading down $1.30, or 1.88%, at $67.71 Tuesday.
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